A Deep Dive in Sui's Ecosystem Development and Layout
In less than a year, Sui, a Layer1 blockchain founded by the Mysten Labs team, has risen rapidly and successfully jumped into the top ten of decentralized finance (DeFi). According to data from DeFi Llama, Sui’s total value locked (TVL) has grown by more than 1,000% in just four months, surpassing many mature projects. Currently, the Sui ecosystem includes 22 DeFi protocols, two of which have a TVL of over $100 million, and the other four protocols have a TVL of more than $40 million.
Greg Siourounis, Managing Director of the Sui Foundation, expressed his recognition of this achievement: “This growth momentum not only validates the advanced nature of Sui’s technology but also reflects the dedication of the Sui community. Crucially, we have observed that the products developed on the Sui platform are being practically used to solve real-world problems. This will lay a solid foundation for building a sustainable decentralized network.”
This is the third article in a series about the Sui ecosystem, aiming to provide readers with a comprehensive overview of Sui’s development trajectory and future potential. In the first two articles, we discussed “How Sui is Building the Next Web3 Platform for a Billion Users“ and explored the innovative development experience of the Move language in “Let’s Move Sui: Let’s Move Sui: Unlocking Blockchain’s High-Performance Potential, Exploring Innovative Development Experiences.“ We encourage all developers and blockchain enthusiasts to continue following TinTinLand, where we will bring you more exciting content!
Current Status of Sui Ecosystem
Key Data and Network Performance
Since the launch of the mainnet in 2023, the development pace of the Sui ecosystem has been remarkable. As of May 2024, there are over 500 active nodes distributed globally, ensuring the decentralization and high availability of the network. Over the past year, the Sui ecosystem has not experienced a single minute of downtime or performance degradation, achieving several notable technical milestones. For instance, transaction finalization time is as low as 400 milliseconds, and peak transaction processing speed in controlled environments reaches 297,000 transactions per second, with a daily transaction volume of up to 65.8 million transactions.
Additionally, Sui’s daily transaction volume remains robust. From May to present, the total transaction volume processed by the Sui network has exceeded 309 million transactions, with over 100,000 active wallets participating in transactions daily on average. Leveraging its unique object-centric model and parallel processing mechanism, Sui achieves a processing capacity of over 100,000 transactions per second, significantly surpassing the performance limitations of traditional blockchains. This efficient transaction processing capability not only provides users with a smoother experience but also attracts more developers and projects to build on Sui.
Move: 2024 version update
The core smart contract programming language adopted by the Sui ecosystem, Move, has undergone a significant update. The 2024 update introduces new features such as Enums, Macro functions, and Method syntax, greatly enriching developers’ programming toolbox and enabling more efficient and flexible application development.
Enums allow developers to define a single type that can contain multiple data forms, offering more flexibility than structs because the fields of structs are always fixed, while enums can change their fields based on variable types. For example, in enum Option { None, Some(T) }, None contains no fields, while Some contains a field of type T.
In addition, Move’s macro function capabilities allow it to simulate higher-order functions such as map, filter, fold, etc., which are used in many programming languages to handle collections concisely. Although Move itself does not support runtime behaviors such as lambda functions or function pointers, the introduction of macro functions allows these higher-order operations to be inlined at compile time, thus improving efficiency and expressiveness.
These updates are expected to be available on Devnet first, and then gradually pushed to Testnet and Mainnet to ensure stability and reliability in production environments.
🚩 Check out the Move 2024 version migration guide now:
Infrastructure development
To further improve network performance and user experience, Sui launched a number of technological innovations at the recent world’s first offline conference, Sui Basecamp, including Mysticeti, which significantly reduces final confirmation time, and Pilotfish, which allows validator nodes to expand capacity across multiple machines. These innovations enable Sui to scale out almost unlimitedly, greatly enhancing the scalability of the network.
In addition, Sui has introduced some unique technologies to make blockchain more friendly to mainstream users. For example, zkLogin works with traditional OAuth providers like Google and Twitter for on-chain authorization, enabling all users to operate directly on-chain through single sign-on, removing the barriers of managing wallet addresses and seed phrases. zkSend leverages zkLogin, allowing users to send and claim tokens simply by sharing or clicking a link. Through Sui’s extremely low transaction fees, the sponsored transaction feature enables developers to remove the last barrier to user participation. The Enoki solution provides enterprises with plug-and-play blockchain technology, enabling them to seamlessly connect to the Sui network, simplifying the enterprise-level application of blockchain.
Community and developer events
The rapid development of the Sui ecosystem is inseparable from the support of an active community and developers. Sui officials and the community have organized various activities, including online seminars, hackathons, and developer competitions. On April 21, 2024, Sui launched its first global hackathon, Sui Overflow. This event aims to stimulate the innovative potential of developers around the world. The event covers seven major tracks, including infrastructure and tools, zkLogin, games, DeFi, mobile and mass applications, etc. Participants can showcase their work and compete for more than $1 million in prizes. This hackathon is not only a platform to showcase technology and creativity, but also an important opportunity to promote the vigorous development of the Sui ecosystem.
🔸 Join Sui Overflow now: https://Sui.io/overflow
🔸 Check it out now: Analysis of Sui’s First Global Hackathon Tracks. Are You Ready?
Want to participate in a hackathon but don’t know where to start? Don’t worry! At 20:00 on Thursday, May 16, TinTinLand invited Mr. uvd, Sui technical ambassador, to conduct a full analysis of the Sui Overflow track and analysis of outstanding projects. It doesn’t matter if you missed the live broadcast. You can replay it below to get expert guidance and find the best direction for your hackathon journey!
Watch the live video: https://www.bilibili.com/video/BV1Yt421M7Q4/
Introduction to popular tracks and projects
NFT
Sui Ecosystem’s performance in the NFT track is also eye-catching. NFT projects use blockchain technology to uniquely identify assets such as digital artworks, collectibles, and game props, giving them unique value.
As a well-known NFT project on Sui, Fuddies is known for its unique artistic style and strong community support. Fuddies is more than just an art collection, it is a vibrant community that regularly hosts various events and benefits.
Learn more: https://t.co/KBRCAO8eOc
DeSuiLabs is committed to creating a series of high-quality NFTs, covering many fields such as artworks and game assets. Its innovative technology and rich content have attracted a large number of users and investors.
Learn more: https://heylink.me/DeSuiLabs/
Inscription & MEME
Sacabam is a high-profile Inscription project in the Sui ecosystem. Users can record any content on the blockchain through simple operations, ensuring the tamper-proof and permanent nature of the information.
Learn more: https://linktr.ee/sacabamfun
The FUD project focuses on the dissemination and development of MEME culture. Through a decentralized approach, FUD provides users with a platform to create and share MEME, which greatly enriches community culture.
Official website address: https://fudthepug.com/
Gaming
Panzerdogs is a multiplayer online game based on blockchain technology that allows players to acquire and trade unique game assets. Its highly interactive and rich gameplay attracts a large number of players.
Official website address: https://home.panzerdogs.io/
Bushi is an innovative game that incorporates blockchain technology. Players can experience unique battles and adventures in the game, while also earning benefits through the in-game economic system.
Official website address: https://playbushi.io/
Infrastructure
Payth Network is committed to providing efficient and secure infrastructure services for the Sui ecosystem. Its innovative solutions include cross-chain bridges, payment gateways, etc., which greatly improve the availability and scalability of the Sui ecosystem.
Official website address: https://pyth.network/
Supra is a key infrastructure provider in the Sui ecosystem, focusing on providing high-performance blockchain services. Its unique technical architecture and powerful performance make it stand out among many projects.
Official website address: https://supra.com/
DeFi
The DeFi track occupies an important position in the Sui ecosystem. Through smart contracts and blockchain technology, DeFi projects provide users with decentralized financial services, break the barriers of traditional finance, and improve the transparency and efficiency of financial activities.
Cetus is the leading decentralized financial platform in the Sui ecosystem, providing a range of DeFi products, including lending, trading, and yield farming. Its advanced technology and user-friendly interface attract a large number of users.
Official website address: https://www.cetus.zone/
Scallop.io is a platform that integrates a variety of decentralized financial services and aims to provide users with a one-stop DeFi experience. Scallop.io not only supports basic functions such as lending, trading, and staking, but also launches innovative insurance and payment solutions to improve the security and convenience of users’ financial activities. The platform adopts a user-friendly interface design and efficient operation process, making it easy for novice users to get started.
Official website address: https://scallop.io/
Wallet
Sui has demonstrated outstanding performance in infrastructure development as well. Firstly, Sui Wallet, as the core tool for users to conduct transactions and manage assets, has been widely adopted. Sui Wallet not only supports browser extensions but also launched mobile applications for iOS and Android systems on May 9, 2024, providing users with an all-in-one solution for digital asset management. Additionally, Sui Wallet delves deep into the NFT field, allowing users to organize and access their NFTs directly through the application without the need to switch between different platforms. This feature greatly facilitates NFT management.
Sui Wallet’s token exchange feature is a major highlight. Users can directly exchange different Sui tokens within the application, eliminating the hassle of using external exchanges. This not only simplifies the trading process but may also reduce transaction fees, providing users with a more convenient trading experience.
Sui Wallet also supports built-in interactions with DeFi protocols. Users can directly manage their investments through the application and interact with various DeFi applications and smart contracts. Additionally, Sui Wallet offers staking and management functions for SUI (Sui Network’s native token). Users can not only support the network through staking but also receive corresponding rewards.
Experience Sui Wallet now: https://suiwallet.com/
Marketplace
Hyperspace is a decentralized marketplace on Sui, where users can trade various digital assets, including NFTs, gaming props, and more. Its simple and intuitive interface, along with powerful features, has attracted a large number of users.
Official website: https://t.co/38nlztb4gE
Clutchy is a comprehensive decentralized marketplace where users can easily buy and sell various blockchain assets. Its powerful search and recommendation features enhance user experience.
Official website: https://clutchy.app/marketplace
In the Sui ecosystem, popular tracks and projects continue to emerge, each showcasing Sui’s strong innovation and unlimited potential. To learn more about projects in the Sui ecosystem, visit: https://sui.directory/
Conclusion
Driven by technological innovation and market demand, the Sui ecosystem continues its rapid development. As blockchain technology advances, Sui will continue to optimize its underlying architecture, improve transaction speed and scalability, reduce user transaction costs, and attract more developers and users. For example, by introducing zero-knowledge proofs (ZKPs) and sharding technology, Sui can further enhance the network’s privacy and scalability. Additionally, the Sui ecosystem will actively explore cross-chain interoperability, promoting collaborative development with other blockchain networks to create a more open and interconnected blockchain ecosystem.
In this blue ocean full of opportunities and challenges, the Sui ecosystem demonstrates strong vitality and development potential with its outstanding technical strength and active community support. In the future, as technology iterates and markets expand further, Sui will continue to play an important role in the blockchain field, bringing more innovative and efficient decentralized solutions to global users and developers. Let’s look forward to the bright future of the Sui ecosystem together
Disclaimer：
- This article is reprinted from [TinTinLand], All copyrights belong to the original author [TinTinLand]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
- Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
- Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.
Related articles
What is Stablecoin?
What is Liquidity Farming?
Everything you need to know about Blockchain
A Deep Dive in Sui's Ecosystem Development and Layout
In less than a year, Sui, a Layer1 blockchain founded by the Mysten Labs team, has risen rapidly and successfully jumped into the top ten of decentralized finance (DeFi). According to data from DeFi Llama, Sui’s total value locked (TVL) has grown by more than 1,000% in just four months, surpassing many mature projects. Currently, the Sui ecosystem includes 22 DeFi protocols, two of which have a TVL of over $100 million, and the other four protocols have a TVL of more than $40 million.
Greg Siourounis, Managing Director of the Sui Foundation, expressed his recognition of this achievement: “This growth momentum not only validates the advanced nature of Sui’s technology but also reflects the dedication of the Sui community. Crucially, we have observed that the products developed on the Sui platform are being practically used to solve real-world problems. This will lay a solid foundation for building a sustainable decentralized network.”
This is the third article in a series about the Sui ecosystem, aiming to provide readers with a comprehensive overview of Sui’s development trajectory and future potential. In the first two articles, we discussed “How Sui is Building the Next Web3 Platform for a Billion Users“ and explored the innovative development experience of the Move language in “Let’s Move Sui: Let’s Move Sui: Unlocking Blockchain’s High-Performance Potential, Exploring Innovative Development Experiences.“ We encourage all developers and blockchain enthusiasts to continue following TinTinLand, where we will bring you more exciting content!
Current Status of Sui Ecosystem
Key Data and Network Performance
Since the launch of the mainnet in 2023, the development pace of the Sui ecosystem has been remarkable. As of May 2024, there are over 500 active nodes distributed globally, ensuring the decentralization and high availability of the network. Over the past year, the Sui ecosystem has not experienced a single minute of downtime or performance degradation, achieving several notable technical milestones. For instance, transaction finalization time is as low as 400 milliseconds, and peak transaction processing speed in controlled environments reaches 297,000 transactions per second, with a daily transaction volume of up to 65.8 million transactions.
Additionally, Sui’s daily transaction volume remains robust. From May to present, the total transaction volume processed by the Sui network has exceeded 309 million transactions, with over 100,000 active wallets participating in transactions daily on average. Leveraging its unique object-centric model and parallel processing mechanism, Sui achieves a processing capacity of over 100,000 transactions per second, significantly surpassing the performance limitations of traditional blockchains. This efficient transaction processing capability not only provides users with a smoother experience but also attracts more developers and projects to build on Sui.
Move: 2024 version update
The core smart contract programming language adopted by the Sui ecosystem, Move, has undergone a significant update. The 2024 update introduces new features such as Enums, Macro functions, and Method syntax, greatly enriching developers’ programming toolbox and enabling more efficient and flexible application development.
Enums allow developers to define a single type that can contain multiple data forms, offering more flexibility than structs because the fields of structs are always fixed, while enums can change their fields based on variable types. For example, in enum Option { None, Some(T) }, None contains no fields, while Some contains a field of type T.
In addition, Move’s macro function capabilities allow it to simulate higher-order functions such as map, filter, fold, etc., which are used in many programming languages to handle collections concisely. Although Move itself does not support runtime behaviors such as lambda functions or function pointers, the introduction of macro functions allows these higher-order operations to be inlined at compile time, thus improving efficiency and expressiveness.
These updates are expected to be available on Devnet first, and then gradually pushed to Testnet and Mainnet to ensure stability and reliability in production environments.
🚩 Check out the Move 2024 version migration guide now:
Infrastructure development
To further improve network performance and user experience, Sui launched a number of technological innovations at the recent world’s first offline conference, Sui Basecamp, including Mysticeti, which significantly reduces final confirmation time, and Pilotfish, which allows validator nodes to expand capacity across multiple machines. These innovations enable Sui to scale out almost unlimitedly, greatly enhancing the scalability of the network.
In addition, Sui has introduced some unique technologies to make blockchain more friendly to mainstream users. For example, zkLogin works with traditional OAuth providers like Google and Twitter for on-chain authorization, enabling all users to operate directly on-chain through single sign-on, removing the barriers of managing wallet addresses and seed phrases. zkSend leverages zkLogin, allowing users to send and claim tokens simply by sharing or clicking a link. Through Sui’s extremely low transaction fees, the sponsored transaction feature enables developers to remove the last barrier to user participation. The Enoki solution provides enterprises with plug-and-play blockchain technology, enabling them to seamlessly connect to the Sui network, simplifying the enterprise-level application of blockchain.
Community and developer events
The rapid development of the Sui ecosystem is inseparable from the support of an active community and developers. Sui officials and the community have organized various activities, including online seminars, hackathons, and developer competitions. On April 21, 2024, Sui launched its first global hackathon, Sui Overflow. This event aims to stimulate the innovative potential of developers around the world. The event covers seven major tracks, including infrastructure and tools, zkLogin, games, DeFi, mobile and mass applications, etc. Participants can showcase their work and compete for more than $1 million in prizes. This hackathon is not only a platform to showcase technology and creativity, but also an important opportunity to promote the vigorous development of the Sui ecosystem.
🔸 Join Sui Overflow now: https://Sui.io/overflow
🔸 Check it out now: Analysis of Sui’s First Global Hackathon Tracks. Are You Ready?
Want to participate in a hackathon but don’t know where to start? Don’t worry! At 20:00 on Thursday, May 16, TinTinLand invited Mr. uvd, Sui technical ambassador, to conduct a full analysis of the Sui Overflow track and analysis of outstanding projects. It doesn’t matter if you missed the live broadcast. You can replay it below to get expert guidance and find the best direction for your hackathon journey!
Watch the live video: https://www.bilibili.com/video/BV1Yt421M7Q4/
Introduction to popular tracks and projects
NFT
Sui Ecosystem’s performance in the NFT track is also eye-catching. NFT projects use blockchain technology to uniquely identify assets such as digital artworks, collectibles, and game props, giving them unique value.
As a well-known NFT project on Sui, Fuddies is known for its unique artistic style and strong community support. Fuddies is more than just an art collection, it is a vibrant community that regularly hosts various events and benefits.
Learn more: https://t.co/KBRCAO8eOc
DeSuiLabs is committed to creating a series of high-quality NFTs, covering many fields such as artworks and game assets. Its innovative technology and rich content have attracted a large number of users and investors.
Learn more: https://heylink.me/DeSuiLabs/
Inscription & MEME
Sacabam is a high-profile Inscription project in the Sui ecosystem. Users can record any content on the blockchain through simple operations, ensuring the tamper-proof and permanent nature of the information.
Learn more: https://linktr.ee/sacabamfun
The FUD project focuses on the dissemination and development of MEME culture. Through a decentralized approach, FUD provides users with a platform to create and share MEME, which greatly enriches community culture.
Official website address: https://fudthepug.com/
Gaming
Panzerdogs is a multiplayer online game based on blockchain technology that allows players to acquire and trade unique game assets. Its highly interactive and rich gameplay attracts a large number of players.
Official website address: https://home.panzerdogs.io/
Bushi is an innovative game that incorporates blockchain technology. Players can experience unique battles and adventures in the game, while also earning benefits through the in-game economic system.
Official website address: https://playbushi.io/
Infrastructure
Payth Network is committed to providing efficient and secure infrastructure services for the Sui ecosystem. Its innovative solutions include cross-chain bridges, payment gateways, etc., which greatly improve the availability and scalability of the Sui ecosystem.
Official website address: https://pyth.network/
Supra is a key infrastructure provider in the Sui ecosystem, focusing on providing high-performance blockchain services. Its unique technical architecture and powerful performance make it stand out among many projects.
Official website address: https://supra.com/
DeFi
The DeFi track occupies an important position in the Sui ecosystem. Through smart contracts and blockchain technology, DeFi projects provide users with decentralized financial services, break the barriers of traditional finance, and improve the transparency and efficiency of financial activities.
Cetus is the leading decentralized financial platform in the Sui ecosystem, providing a range of DeFi products, including lending, trading, and yield farming. Its advanced technology and user-friendly interface attract a large number of users.
Official website address: https://www.cetus.zone/
Scallop.io is a platform that integrates a variety of decentralized financial services and aims to provide users with a one-stop DeFi experience. Scallop.io not only supports basic functions such as lending, trading, and staking, but also launches innovative insurance and payment solutions to improve the security and convenience of users’ financial activities. The platform adopts a user-friendly interface design and efficient operation process, making it easy for novice users to get started.
Official website address: https://scallop.io/
Wallet
Sui has demonstrated outstanding performance in infrastructure development as well. Firstly, Sui Wallet, as the core tool for users to conduct transactions and manage assets, has been widely adopted. Sui Wallet not only supports browser extensions but also launched mobile applications for iOS and Android systems on May 9, 2024, providing users with an all-in-one solution for digital asset management. Additionally, Sui Wallet delves deep into the NFT field, allowing users to organize and access their NFTs directly through the application without the need to switch between different platforms. This feature greatly facilitates NFT management.
Sui Wallet’s token exchange feature is a major highlight. Users can directly exchange different Sui tokens within the application, eliminating the hassle of using external exchanges. This not only simplifies the trading process but may also reduce transaction fees, providing users with a more convenient trading experience.
Sui Wallet also supports built-in interactions with DeFi protocols. Users can directly manage their investments through the application and interact with various DeFi applications and smart contracts. Additionally, Sui Wallet offers staking and management functions for SUI (Sui Network’s native token). Users can not only support the network through staking but also receive corresponding rewards.
Experience Sui Wallet now: https://suiwallet.com/
Marketplace
Hyperspace is a decentralized marketplace on Sui, where users can trade various digital assets, including NFTs, gaming props, and more. Its simple and intuitive interface, along with powerful features, has attracted a large number of users.
Official website: https://t.co/38nlztb4gE
Clutchy is a comprehensive decentralized marketplace where users can easily buy and sell various blockchain assets. Its powerful search and recommendation features enhance user experience.
Official website: https://clutchy.app/marketplace
In the Sui ecosystem, popular tracks and projects continue to emerge, each showcasing Sui’s strong innovation and unlimited potential. To learn more about projects in the Sui ecosystem, visit: https://sui.directory/
Conclusion
Driven by technological innovation and market demand, the Sui ecosystem continues its rapid development. As blockchain technology advances, Sui will continue to optimize its underlying architecture, improve transaction speed and scalability, reduce user transaction costs, and attract more developers and users. For example, by introducing zero-knowledge proofs (ZKPs) and sharding technology, Sui can further enhance the network’s privacy and scalability. Additionally, the Sui ecosystem will actively explore cross-chain interoperability, promoting collaborative development with other blockchain networks to create a more open and interconnected blockchain ecosystem.
In this blue ocean full of opportunities and challenges, the Sui ecosystem demonstrates strong vitality and development potential with its outstanding technical strength and active community support. In the future, as technology iterates and markets expand further, Sui will continue to play an important role in the blockchain field, bringing more innovative and efficient decentralized solutions to global users and developers. Let’s look forward to the bright future of the Sui ecosystem together
Disclaimer：
- This article is reprinted from [TinTinLand], All copyrights belong to the original author [TinTinLand]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
- Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
- Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.
Related articles
What is Stablecoin?
What is Liquidity Farming?